3746 Federal Register / Vol. 63, No. 16 / Monday, January 26, 1998 / Notices

1Copies of the Complaint and the Decision and

Order are available from the Commission’s Public

Reference Branch, H–130, 600 Pennsylvania

Avenue, NW., Washington, DC 20580.

1Copies of the Modifying Order are available

from the Commission’s Public Reference Branch,

H–130, 600 Pennsylvania Avenue, NW.,

Washington, DC 20580.

Subparagraph IV.A of the proposed

Grey order prohibits respondent Grey,

in any closed-end credit advertisement

involving motor vehicles, from

misrepresenting the existence and

amount of any balloon payment or the

annual percentage rate; subparagraph

IV.B also prohibits respondent Grey

from stating the amount of any payment,

including but not limited to any

monthly payment, in any motor vehicle

closed-end credit advertisement unless

the amount of any balloon payment is

disclosed prominently and in close

proximity to the most prominent of the

above statements.

Subparagraphs IV.C of the proposed

Grey order also enjoins respondent from

disseminating motor vehicle closed-end

credit advertisements that state the

amount or percentage of any

downpayment, the number of payments

or period of repayment, the amount of

any periodic payment, including but not

limited to the monthly payment, or the

amount of any finance charge without

disclosing, clearly and conspicuously,

all of the terms required by Regulation

Z, as follows: (1) The amount or

percentage of the downpayment; (2) the

terms of repayment, including but not

limited to the amount of any balloon

payment; and (3) the correct annual

percentage rate, using that term or the

abbreviation ‘‘APR,’’ as defined as

Regulation Z and the Official Staff

Commentary to Regulation Z. If the

annual percentage rate may be increased

after consummation of the credit

transaction, that fact must also be

clearly and conspicuously disclosed.

The information required by

subparagraph I.C. (lease advertisements)

and IV.C of the Grey order (credit

advertisements) must be disclosed

‘‘clearly and conspicuously’’ as defined

in the proposed orders. The ‘‘clear and

conspicuous’’ definition requires that

respondents present such lease or credit

information within the advertisement in

a manner that is readable (or audible)

and understandable to a reasonable

consumer. This definition is consistent

with the ‘‘clear and conspicuous’’

requirements for advertising disclosures

in the revised Regulation M and

Regulation Z that require disclosures

that consumers can see and read (or

hear) and comprehend. Similar to prior

Commission orders and statements

interpreting Section 5’s prohibition or

deceptive acts and practices, these

orders require respondents to include

certain disclosures in advertising that

are readable (or audible) and

understandable to reasonable

consumers.

The purpose of this analysis is to

facilitate public comment on the

proposed orders, and it is not intended

to constitute an official interpretation of

the agreements and proposed orders or

to modify in any way their terms.

Donald S. Clark,

Secretary.

[FR Doc. 98–1801 Filed 1–23–98; 8:45 am]

BILLING CODE 6750–01–M

FEDERAL TRADE COMMISSION

[Dkt. C–3724]

Progressive Mortgage Corp., et al.;

Prohibited Trade Practices, and

Affirmative Corrective Actions

AGENCY: Federal Trade Commission.

ACTION: Consent order.

SUMMARY: In settlement of alleged

violations of federal law prohibiting

unfair or deceptive acts or practices and

unfair methods of competition, this

consent order prohibits, among other

things, the Ohio-based mortgage

corporation and its president from

misrepresenting any terms or conditions

of financing, such as, the annual

percentage rate and finance charges of

consumer loans; the number, amount

and timing of mortgage payments; and

the total number of payments to repay

consumer loans.

DATES: Complaint and Order issued

March 10, 1997.1

FOR FURTHER INFORMATION CONTACT: John

Mendenhall, FTC Cleveland Regional

Office, Eaton Center, Suite 200, 1111

Superior Ave., Cleveland, Ohio 44114.

(216) 522–4210.

SUPPLEMENTARY INFORMATION: On

Tuesday, December 10, 1996, there was

published in the Federal Register, 61 FR

65061, a proposed consent agreement

with analysis In the Matter of

Progressive Mortgage Corporation, et al.,

for the purpose of soliciting public

comment. Interested parties were given

sixty (60) days in which to submit

comments, suggestions or objections

regarding the proposed form of the

order.

No comments having been received,

the Commission has ordered the

issuance of the complaint in the form

contemplated by the agreement, made

its jurisdictional findings and entered

an order to cease and desist, as set forth

in the proposed consent agreement, in

disposition of this proceeding.

(Sec. 6, 38 Stat. 721; 15 U.S.C. 46. Interprets

or applies sec. 5, 38 Stat. 719, as amended;

15 U.S.C. 45)

Donald S. Clark,

Secretary.

[FR Doc. 98–1798 Filed 1–23–98; 8:45 am]

BILLING CODE 6750–01–M

FEDERAL TRADE COMMISSION

[Dkt. C–3584]

Schwegmann Giant Super Markets,

Inc.; Prohibited Trade Practices and

Affirmative Corrective Actions

AGENCY: Federal Trade Commission.

ACTION: Modifying order.

SUMMARY: This order reopens a 1995

consent order—that required the

Louisiana-based corporation to divest

several supermarkets in the New

Orleans area—and this order modifies

the consent order by replacing a

provision requiring Schwegmann to

obtain prior Commission approval for

certain transactions, with a prior notice

provision for any acquisition of retail

supermarkets in the New Orleans area

that Schwegmann makes through June

6, 2005. The Commission determined

that the changed provisions are

warranted and consistent with the

Statement of FTC Policy Concerning

Prior Approval and Prior Notice

Provisions and therefore justified

reopening the proceeding and

modifying the order.

DATES: Consent order issued June 2,

1995. Modifying order issued February

24, 1997.1

FOR FURTHER INFORMATION CONTACT:

Daniel Ducore, FTC/S–2115,

Washington, DC 20580. (202) 326–2526.

SUPPLEMENTARY INFORMATION: In the

Matter of Schwegmann Giant Super

Markets, Inc. The prohibited trade

practices and/or corrective actions as set

forth at 60 FR 35032, are changed, in

part, as indicated in the summary.

(Sec. 6, 38 Stat. 721; 15 U.S.C. 46. Interpret

or apply sec. 5, 38 Stat. 719, as amended; sec

7, 38 Stat. 731, as amended; 15 U.S.C. 45, 18)

Donald S. Clark,

Secretary.

[FR Doc. 98–1799 Filed 1–23–98; 8:45 am]

BILLING CODE 6750–01–M